International Trade Highlights — April 20, 2025

China Appeals for Tariff Truce

China’s Ambassador to the U.S., Xie Feng, called on Washington to “turn the page” on tariff disputes, warning that while Beijing prefers cooperation, it is prepared to retaliate against any new duties.

Strategic Mineral Export Controls

In early April, China imposed export restrictions on five minerals critical to defense and semiconductor industries—tungsten, indium, bismuth, tellurium, and molybdenum—driving exports to multi‑year lows and demonstrating China’s supply‑chain influence.

Soybean Market Realignment

March data revealed that China’s purchases of U.S. soybeans rose 12% to 2.44 million t, while Brazilian volumes plunged 69%. Despite the U.S.’s current lead, analysts expect Brazil to reclaim market share in the second quarter amid its new harvest cycle.

Aerospace Disruption

A Boeing 737 MAX bound for Xiamen Airlines was returned to Boeing’s Seattle facility due to prohibitive tariff costs, highlighting how aerospace supply chains remain vulnerable to sudden policy shifts.

EU–U.S. Trade Talks

Brussels hosted high‑level negotiations focused on rolling back duties on automobiles, steel, and aluminum. Both sides signaled cautious optimism, viewing a limited pact as essential to preventing further countermeasures.

WTO Emergency Consultations

China filed a request for formal WTO consultations over U.S. tariffs—an emergency procedural step to address alleged rule violations and forestall wider trade retaliation.

Market Stabilization and Risk Diversification

Global equity markets showed muted gains on expectations that extended tariff pauses and renewed diplomatic engagement will stave off a full‑scale trade war. Export‑dependent economies in Southeast Asia and Latin America are exploring contingency strategies to reduce reliance on single markets and manage residual risk.